Short idea for FORK tomorrow morning.
Updated
Thinking of paper trading FORK tomorrow morning for a few reasons.
1. Overall bearish trend
2. MFI and RSI both in overbought areas
3. Price seems to be pretty overextended
4. Just finished learning Fibonacci's and the closing price of FORK is right around that 1.618 Fibo extension area, which is also a previous area of resistance
Signs against this short, that I can see, are:
1. Bullish candlesticks in recent price action
2. Continued large buying volume
3. A recent pos. divergence in the MFI 10 (However, the most recent price action that has taken place had occurred after the apparent divergence)
1. Overall bearish trend
2. MFI and RSI both in overbought areas
3. Price seems to be pretty overextended
4. Just finished learning Fibonacci's and the closing price of FORK is right around that 1.618 Fibo extension area, which is also a previous area of resistance
Signs against this short, that I can see, are:
1. Bullish candlesticks in recent price action
2. Continued large buying volume
3. A recent pos. divergence in the MFI 10 (However, the most recent price action that has taken place had occurred after the apparent divergence)
Trade closed: target reached
Exiting my paper trade short position now while price is around 2.78-2.80. Giving myself the $2.80 exit in respects to liquidity levels of FORK..FORK opened at 3.20 this morning and stayed there for a couple minutes so that is where I put myself in at for 1k shares, now taking all off the table for a nice -0.30 move. Staying disciplined with profit taking. Price still outside Upper BB on 15 min, 1HR, and Daily -- so should continue to go down.
Note
Wrong math, still waking up, that is a -0.40 move on my exit. Gotta stay accountable!
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